QCOM

QUALCOMM Incorporated (QCOM)

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QUALCOMM Incorporated (QCOM)

Q4 2012 Earnings Call

November 07, 2012 4:45 pm ET

Executives

Warren Kneeshaw - Vice President of Investor Relations and Vice President of Finance for Qualcomm Technology Licensing Division

Paul E. Jacobs - Chairman and Chief Executive Officer

Steven M. Mollenkopf - President and Chief Operating Officer

William E. Keitel - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

Derek K. Aberle - Executive Vice President and Group President

Analysts

Timothy Long - BMO Capital Markets U.S.

T. Michael Walkley - Canaccord Genuity, Research Division

Simona Jankowski - Goldman Sachs Group Inc., Research Division

Brian T. Modoff - Deutsche Bank AG, Research Division

Ehud A. Gelblum - Morgan Stanley, Research Division

Roderick B. Hall - JP Morgan Chase & Co, Research Division

Kulbinder Garcha - Crédit Suisse AG, Research Division

Stacy A. Rasgon - Sanford C. Bernstein & Co., LLC., Research Division

Ian Ing - Lazard Capital Markets LLC, Research Division

Tal Liani - BofA Merrill Lynch, Research Division

Jeffrey T. Kvaal - Barclays Capital, Research Division

Mark McKechnie - Evercore Partners Inc., Research Division

James E. Faucette - Pacific Crest Securities, Inc., Research Division

Romit J. Shah - Nomura Securities Co. Ltd., Research Division

Craig Berger - FBR Capital Markets & Co., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Fourth Quarter Fiscal 2012 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, November 7, 2012. The playback number for today's call is (855) 859-2056. International callers, please dial (404) 537-3406. The playback reservation number is 37726774.

I would now like to turn the call over to Warren Kneeshaw, Vice President of Investor Relations. Mr. Kneeshaw, please go ahead.

Warren Kneeshaw

Thank you, Josh, and good afternoon, everyone. Today's call will include prepared remarks by Dr. Paul Jacobs, Steve Mollenkopf and Bill Keitel. In addition, Don Rosenberg and Derek Aberle will join the question-and-answer session.

An Internet presentation and audio broadcast accompany this call, and you can access them by visiting our website at www.qualcomm.com.

During this conference call, if we use non-GAAP financial measures as defined in Regulation G, you can find the related reconciliations to GAAP on our website. I'd also like to direct you to our 10-K and earnings release, which were filed and furnished, respectively, with the SEC today and are available on our website.

During this conference call, we will make forward-looking statements regarding future events or results of the company. Actual events or results could differ materially from those projected in the forward-looking statements. Please refer to our SEC filings, including our most recent Form 10-K, which contains important factors that could cause our actual results to differ materially from the forward-looking statements.

Due to the unfortunate impacts of Hurricane Sandy, we have moved our annual Analyst Meeting scheduled for Thursday, November 15, from New York to our headquarters in San Diego. As a reminder, to attend in person, you must be a financial analyst or institutional investor. The Analyst Meeting will also be webcast for those of you unable to attend in person. Consistent with past Analyst Days, we will be providing guidance disclosures at that time that are in addition to those provided in our earnings release and on this call.

And now it is my pleasure to introduce Qualcomm's Chairman and Chief Executive Officer, Dr. Paul Jacobs.

Paul E. Jacobs

Thanks, Warren, and good afternoon, everyone. I think it's fair to say I'm extremely pleased with Qualcomm's performance this past fiscal year. We delivered record revenues of $19 billion, up 28% versus last year. Earnings, total reported device sales and MSM chipset shipments were also records, was driven by the increasing global consumption of wireless data across a diverse range of devices and particularly smartphones.

We also increased our dividend for the 10th consecutive year and returned $2.9 billion to stockholders in the form of buybacks and cash dividends.

As to the fourth quarter, we are above the high end of our previous revenue and earnings guidance as demand in 28-nanometer supply improved as the quarter progressed. This gives us a strong base to build off of. And looking forward to next year, we expect double-digit revenue and non-GAAP earnings growth again in fiscal 2013.

For the year, we had a number of highlights. We delivered double-digit growth in our Licensing business, with record revenues and earnings. We now have over 220 royalty-bearing 3G licensees. And this year, we added more than 20 new Chinese licensees and our first license agreements with major Brazilian consumer electronic suppliers. We've also continued to grow our single-mode OFDM licensees. We now have over 30 single-mode OFDM licensees around the world and believe our 4G portfolio is the most widely licensed in the industry. Through our licensing program, we continue to foster innovation and enable a large and growing ecosystem that benefits wireless consumers worldwide.

Our semiconductor business had double-digit growth as well, delivering record revenues and earnings. During the year, we continued to lead in LTE with our integrated modem solutions. We delivered significant product enhancements across all key technology vectors including the modem, processor, graphics and connectivity with world-class integration. And we executed the fastest ramp of a new process node in our history. Now this was not without its challenges, but the teams consistently executed to an accelerated schedule over the last 9 months.

We believe the breadth and depth of our product road map is unparalleled, and our Snapdragon and Gobi family of chipsets has established the industry standard in integrated mobile semiconductors, allowing us to continue to extend our partnerships with key OEMs.

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